Concluding the first quarterly review on a successful note, IMF has asked the govt. to definitely achieve revenue target, keep a cap on issuing new guarantees and put into effective implementation the circular debt reduction strategy. Govt. did not ask for a waiver, as it was not required. IMF also appreciated SBP’s policy direction and wanted its continuation in the short- to medium-term period. On top of that, it wanted the govt. to play a more proactive role in ensuring independence of SBP through legal instruments. IMF called upon the govt. to avoid any tax exemptions and take decisive steps towards harmonisation of taxes and removal of distortions at federal and provincial levels.